Today’s news in brief – 17/09/24

Pret A Manger’s global sales have hit £1.1bn for the first time in FY23, following its expansion into overseas markets. This comes as the group achieved its medium-term growth target during the period, which was set in 2021. The group aimed to double its size within five years, but instead delivered on the target three years ahead of schedule. 

Knoops has seen revenues rise in FY24 by 110% to £9.3m, as store revenues were up 106% or 17 like-for-like across all categories, while chocolate drinks revenues rose 20% on a like-for-like basis. Operating EBITDA for the company was up 264%, or 131% on a LFL basis, to £979,264. The company also expanded its store estate to 17 in total. 

Arc Inspirations has reported a turnover rise of 16.2% to £47.4m for the year to March. The Leeds-based group, which operated Box and Manahatta, attributed its “strong” performance to a recent fundraiser, supported by BGF and HSBC, which raised a total of £7m. These funds make the group “extremely well placed” to continue its expansion plans. 

Average drinks sales in managed venues dropped by 12% YoY in the week to 7 September, marking one of the biggest gaps in sales of 2024 so far, with trading down all seven days. It has been blamed on difficult comparatives against September 2023 when the same week last year the country saw sunny weather with temperatures into the 30s. 

Pasta Evangelists has opened its second site in Greenwich, following the launch of the Richmond franchise in July. The new opening in South East London will follow the same new take on Italy as the first Richmond location, with fresh pasta shapes made by hand on site and served to customers from the locations’ open pasta counters.